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Flow Foundation's Statement Regarding Exchange Coordination After December 27th Incident:
In the wake of the exploit that occurred on December 27th, the Flow Foundation, along with our forensic partners, has been tirelessly collaborating with global exchanges to safeguard users and restore standard operations. We would like to commend Kraken, Coinbase, and Upbit for their exceptional cooperation, with Kraken having already resumed its normal services.
However, we have serious concerns regarding the actions taken by one exchange in response to this incident. Just hours after the exploit, a single account deposited an astonishing 150 million $FLOW, which constitutes nearly 10% of the overall token supply. This account then converted a significant portion of those funds into BTC and withdrew over $5 million within just a few hours before the network was halted. Such a transaction pattern indicates a failure in AML/KYC protocols, shifting financial risks onto users who inadvertently acquired counterfeit tokens.
Forensic experts have detected notable trading anomalies on this exchange's $FLOW markets that do not align with typical market behavior, both prior to and following the network suspension. Our attempts to seek clarification regarding these trading activities through operational channels have not received any responses. We urgently request a high-level meeting to discuss these issues and to develop a strategy that ensures user protection across all platforms. We are optimistic that a constructive resolution is achievable, but it necessitates open and transparent dialogue.
The Flow Foundation is fully cooperating with law enforcement and ongoing investigations.
We are dedicated to safeguarding every user impacted by this exploit, irrespective of the platform they utilize.
In the wake of the exploit that occurred on December 27th, the Flow Foundation, along with our forensic partners, has been tirelessly collaborating with global exchanges to safeguard users and restore standard operations. We would like to commend Kraken, Coinbase, and Upbit for their exceptional cooperation, with Kraken having already resumed its normal services.
However, we have serious concerns regarding the actions taken by one exchange in response to this incident. Just hours after the exploit, a single account deposited an astonishing 150 million $FLOW, which constitutes nearly 10% of the overall token supply. This account then converted a significant portion of those funds into BTC and withdrew over $5 million within just a few hours before the network was halted. Such a transaction pattern indicates a failure in AML/KYC protocols, shifting financial risks onto users who inadvertently acquired counterfeit tokens.
Forensic experts have detected notable trading anomalies on this exchange's $FLOW markets that do not align with typical market behavior, both prior to and following the network suspension. Our attempts to seek clarification regarding these trading activities through operational channels have not received any responses. We urgently request a high-level meeting to discuss these issues and to develop a strategy that ensures user protection across all platforms. We are optimistic that a constructive resolution is achievable, but it necessitates open and transparent dialogue.
The Flow Foundation is fully cooperating with law enforcement and ongoing investigations.
We are dedicated to safeguarding every user impacted by this exploit, irrespective of the platform they utilize.
The Flow Foundation is presently looking into a possible security incident that may impact the Flow network.
Our engineering teams are working closely with network partners to address the situation. Verified updates will be shared as soon as they become available.
Our engineering teams are working closely with network partners to address the situation. Verified updates will be shared as soon as they become available.
@flowverse The Flow Foundation is in the process of examining a possible security incident that may impact the Flow network.
Our engineering teams are working closely with network partners to address the situation. We will share additional updates, verified for accuracy, as soon as they become available.
Our engineering teams are working closely with network partners to address the situation. We will share additional updates, verified for accuracy, as soon as they become available.
Pioneering the developing sector of DeFi vaults, @MORE_DeFi is prioritizing transparency, security, and composability.
In 2026, its omnichain permissionless vaults have seen significant growth.
Developers on Flow are establishing the groundwork for the future of Consumer DeFi.
In 2026, its omnichain permissionless vaults have seen significant growth.
Developers on Flow are establishing the groundwork for the future of Consumer DeFi.
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